RTTNews - The Korean market opened weak on Wednesday with investors pressing sales on weak cues from Wall Street and other markets elsewhere in the Asia-Pacific region. Stocks, with the exception of a select few from the automobile and telecom sectors, are seen trading lower in the Korean market today.
The Korean benchmark KOSPI fell to 1,421 after opening at 1,423 and is currently trading at 1,427, down by around 7 points or 0.49% from its previous close.
On Tuesday, the KOSPI had ended in the positive territory on optimism about recovery, gaining a modest 0.37% or 5.26 points at 1,434.
Technology stocks Hynix Semiconductor, Samsung Electronics and LG Electronics are trading lower by 1% - 1.5%. LG Display LCD is down with a modest loss of 0.3%.
Oil stocks SK Holdings and S-Oil and energy scrip KEPCO are trading lower. Among steel stocks, Hyundai Steel and POSCO are trading lower by 2.6% and 1.6% respectively.
In the banking space, Shinhan Financial Group and Woori Finance are down by around 1.3% each. Korea Exchange Bank is trading flat and KB Financial is up nearly a percent.
Korean Airlines and Asiana Airlines are down by 1.5% and 1%, respectively. Among shipbuilders, Hyundai Heavy Industries, Samsung Hyundai Heavy Industries and Daewoo Shipbuilding are trading down 1.2% - 1.5%. Bulk carrier STX Pan Ocean is down by nearly 2%.
On the other hand, Ssangyong Motors is gaining 3.3%. Kia Motor is up 1.1% while Hyundai Motor is trading modestly higher. Telecom stocks KT Corp and SK Telecom are up by 0.6% and 0.9%, respectively.
Among other markets in the Asia-Pacific region, Japan has suffered the most today with its key index Nikkei going down by 1.82% by the end of the morning session. Markets in Australia, Hong Kong, Singapore, New Zealand, Taiwan and Shanghai are also down in the red with notable losses. On Tuesday, markets across the region had ended on a mixed note.
On Wall Street, stocks declined sharply with investors taking some profits amid a lack of significant economic data. Traders also preferred to tread a cautious route ahead of the earnings reporting season and the release of employment, international trade and consumer sentiment reports.
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